Moore Capital Is Buying: China, Financials and Consumer Staples

Louis Bacon’s Moore Capital Management bought up equities over the second quarter of 2009, according to the most recent portfolio holdings of the global macro orientated growth investor. Overall, the hedge fund manager’s exposure to US traded equities rose to $1,158 million as of 6/30/2009 from just $510 million as of 3/31/2009.

Moore Capital’s largest purchase was a new $274.3mm / 7,150,000 share position in the iShares FTSE/Xinhua China 25 (NYSEARCA:FXI) ETF, which invests in the top 25 largest companies in the China equity market that are available to international investors. The other Chinese equity position in the firm’s portfolio was energy giant China Petroleum & Chemical Corp “Sinopec” (NYSE:SNP). In Sinopec, the firm trimmed its position by 40,000 shares over the second quarter, resulting in an quarter end position of $9.9mm / 130,000 shares.

Moore Capital’s portfolio heavily favored financial stocks, which represented over 41% of the firm’s portfolio. The second largest purchase over the quarter was a new $264.7mm / 20,050,000 share position in Bank of America (NYSE:BAC). The other top financial sector holdings in the hedge fund’s portfolio included:

As far as selling activity went, Moore Capital’s largest sell was the SPDR Energy Sector (NYSEARCA:XLE) ETF. The firm sold -$74.6mm or -1,553,300 shares, bringing its holdings in XLE down to $43.9mm or 912,700 shares. The firm’s other top sells were sold completely from its portfolio, including:

Moore Capital Management was founded in 1989 by Louis Bacon. Notably, its Moore Global fund was ranked number 33 on this year’s Barron’s Hedge Fund 100 for its past 3 years of annualized returns of 18.98%. Moore Captial sent shockwaves through the hedge fund industry last year when it hired star emerging markets trader Greg Coffey away from GLG Partners.

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